Sector Update: Healthcare Stocks Softer Late Afternoon
Healthcare stocks declined late Thursday afternoon, with the NYSE Healthcare Index shedding 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) down 0.5%.The iShares Biotechnology ETF (IBB) dropped 1.4%.In corporate news, Cooper (COO) shares fell past 13% after the company cut its fiscal 2026 guidance. Separately, BofA Securities downgraded Cooper to neutral from buy and lowered its price target to $65 from $80. BofA said Cooper could not sell CooperSurgical at an attractive valuation given competition from the Paragard intrauterine device and the fertility litigation settlement.Novartis (NVS) shareholder Artisan Partners called for changes to the Swiss drugmaker's board following two consecutive drug trial setbacks that sent shares tumbling, Reuters reported, citing an interview with Artisan managing director David Samra. Novartis shares were up 0.3%.Orchestra BioMed (OBIO) shares rose past 7% after BTIG upgraded the stock the stock to buy from neutral, with a price target of $10.BioCryst Pharmaceuticals' (BCRX) Ordaleyo faces competitive pressure in the hereditary angioedema treatment space, and its shares are expected to settle within an in-line trading range in the near term, RBC Capital Markets said in a note. RBC downgraded the company's stock rating to sector-perform from outperform and reduced the price target to $11 from $13. BioCryst shares fell 6%.
